Author Topic: Blockchain  (Read 124 times)

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Offline MH

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Blockchain
« on: October 19, 2017, 09:19:37 am »
Time to discuss...

https://www.quora.com/Would-blockchain-increase-inequality

This may be the first new technology that I don't "get".  In that, I can't see where it will go.  I understand that people will be effectively able to make their own money and trade but what the macro effects might be, I can't tell at all.  It seems to me that it would effectively by driven by underground economy at the outset.

I don't get it.  Does anybody here know a lot about this ?

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Offline Gorgeous Graham

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Re: Blockchain
« Reply #1 on: October 19, 2017, 05:10:56 pm »
sounds like a huge public database on a decentralized network.

Some of it sounds like useless BS few people will use.  The thing with technology is that it's really hard to predict the "next big thing".  It usually happens organically and so fast people can't see it coming, instead of some hyped technology people predict to be huge but never lives up to the hype. 
I can tell how good of a person you are by how you treat the people you disagree with.

Offline MH

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Re: Blockchain
« Reply #2 on: October 19, 2017, 06:44:42 pm »
Everybody is looking at Blockchain now.  Ok, let's watch and find out. :)

Offline TimG

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Re: Blockchain
« Reply #3 on: October 19, 2017, 08:30:08 pm »
I don't get it.  Does anybody here know a lot about this ?
Ignore the techo buzz words: BitCoin is the electronic equivalent of Canadian Tire Money. There is nothing new or unique about the concept of a private currency. The barrier has always been getting people to use it and keep using it. The emergence of a huge mess of BitCoin competitors under the"blockchain" label illustrates how the latter is a bigger challenge than most people assume.

The BitCoin tech itself is innovative but flawed. I can't see it lasting in the long term for that reason. I expect the major banks to settle on a crypto-currency that uses blockchains to reduce processing costs but ties the currency value to government backed fiat currencies. From a technology perspective blockchains are decentralized transaction ledger and will be useful but not as revolutionary as people like to claim.

 
« Last Edit: October 19, 2017, 11:28:47 pm by TimG »

Offline MH

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Re: Blockchain
« Reply #4 on: October 20, 2017, 06:41:59 am »
Thank you, that was very informative.

The "Canadian Tire" analogy is a very simple analogy that didn't occur to me.

"will be useful" - why ?  Why is this useful at all ?

Offline TimG

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Re: Blockchain
« Reply #5 on: October 20, 2017, 12:24:00 pm »
"will be useful" - why ?  Why is this useful at all ?
Here is a good article on the possibilities:
https://www.economist.com/news/world-if/21724906-trust-business-little-noticed-huge-startups-deploying-blockchain-technology-threaten

Quote
In some areas the blockchain may even make life easier for governments. Last year Dubai announced that it wants all government documents secured on a blockchain by 2020, a prerequisite for agencies to become completely paperless. The technology could also be used as a cheap platform to generate what poor countries lack most: more efficient government and trust in contracts. And some hope that the blockchain could make the United Nations work better by helping it keep track of all its programmes, creating transparency and reducing waste.
The possibilities are endless but not in their current form.

Offline MH

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Re: Blockchain
« Reply #6 on: October 20, 2017, 12:44:06 pm »
Of course !

Money itself is an exchange of trust.  Oddly, I have had the light lit up above my head, even if I can't read the article.  ( Too many reads this month. )

Offline cybercoma

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Re: Blockchain
« Reply #7 on: October 20, 2017, 01:34:59 pm »
Ignore the techo buzz words: BitCoin is the electronic equivalent of Canadian Tire Money.
There were gas stations in Cape Breton that accepted Canadian Tire Money in lieu of cash and they weren't affiliated with CTC.

Offline kimmy

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Re: Blockchain
« Reply #8 on: October 21, 2017, 11:16:58 am »
There were gas stations in Cape Breton that accepted Canadian Tire Money in lieu of cash and they weren't affiliated with CTC.

Sure. Lots of businesses will accept competitor coupons or match competitor advertised prices to make a sale. Accepting Canadian Tire scrip money to make a sale seems like a no brainer: not only do you get the sale, you can keep the scrip money and get 10 cents off your next air filter or box of lightbulbs.

As long as at least one merchant is willing to accept Canadian Tire money, it's essentially real money. Confederate scrip money was essentially real money too, until the Confederacy was defeated.  Hopefully Canadian Tire will be around for a while, I have quite a stack of Canadian Tire money and I have my eyes on a new air filter.

As for the rest of this, I have no idea what is going on.  I thought a blockchain was a martial arts weapon. I apparently have a lot of reading to do.

 -k
Masked for your safety.

Offline MH

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Re: Blockchain
« Reply #9 on: October 21, 2017, 12:27:27 pm »

As for the rest of this, I have no idea what is going on.  I thought a blockchain was a martial arts weapon. I apparently have a lot of reading to do.
 

It's non-governmental money.  Governments used to disallow this kind of thing.  I have old banknotes printed by Canadian banks for some reason.

Offline cybercoma

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Re: Blockchain
« Reply #10 on: October 22, 2017, 08:58:56 pm »
Sure. Lots of businesses will accept competitor coupons or match competitor advertised prices to make a sale. Accepting Canadian Tire scrip money to make a sale seems like a no brainer: not only do you get the sale, you can keep the scrip money and get 10 cents off your next air filter or box of lightbulbs.

As long as at least one merchant is willing to accept Canadian Tire money, it's essentially real money. Confederate scrip money was essentially real money too, until the Confederacy was defeated.  Hopefully Canadian Tire will be around for a while, I have quite a stack of Canadian Tire money and I have my eyes on a new air filter.

As for the rest of this, I have no idea what is going on.  I thought a blockchain was a martial arts weapon. I apparently have a lot of reading to do.

 -k
Block chain? I thought this was a neighbourhood kink party. Shows what I know.

Offline MH

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Re: Blockchain
« Reply #11 on: January 18, 2018, 06:32:21 am »
https://www.washingtonpost.com/news/wonk/wp/2018/01/08/bitcoin-is-the-new-middle-ages/?utm_term=.6531aef9a2e4

Good article on the latest fad in money, with a little time behind us now giving a better perspective.

Crashing ?  Booming ?

What *is* definitely annoying is the bit-bros online telling you why the big crypto roulette wheel is going to be paying off in 4 months, or next year.  As the article points out, Bitcoin has done what it set out to do.  I don't now why people who aren't in it would jump in now, so I don't see how it will go up much more.

Offline bcsapper

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Re: Blockchain
« Reply #12 on: January 18, 2018, 09:39:59 am »
I heard on the radio a couple of days ago that a Dentacoin was worth $850000000.  So I looked it up.  It's actually worth about $.003, but the market cap is $850000000. So they got that wrong, then.

How would I get $10 worth at today's price? 

In other news, I see Bitcoin turned those brothers from the Facebook saga into millionaires.  Of course they were billionaires.
Time for bed said Zebedee...

Offline Bubbermiley

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Re: Blockchain
« Reply #13 on: January 18, 2018, 03:38:33 pm »
Ignore the techo buzz words: BitCoin is the electronic equivalent of Canadian Tire Money. There is nothing new or unique about the concept of a private currency. The barrier has always been getting people to use it and keep using it.
It's different from Canadian Tire money, however, in that it doesn't have a large company backing it up, offering goods and services at par with a legal currency.
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